§ 5016. Rules and rates

(a) The Authority may make and enforce rules and regulations which it deems necessary or desirable. It may establish, levy, and collect or may authorize by contract, franchise, lease, or otherwise, the establishment, levying, and collection of rents, rates, and other charges:

(1) for the services afforded by the Authority or afforded by or in connection with any project or properties which it may construct, erect, acquire, own, operate, or control, or with respect to which it may have any interest or any right to capacity thereof; and

(2) for the sale of electric energy or of generation or transmission capacity or service as it may deem necessary, proper, desirable, and reasonable.

(b) Rents, rates, and other charges shall be at least sufficient to meet the expenses of the Authority, including operating and maintenance expenses, reasonable reserves, interest, and principal payments, including payments into one or more sinking funds for the retirement of principal, and other requirements of any trust agreement or resolution securing bonds or notes. The Authority may pledge its rates, rents, and other revenues, or any part of them, as security for the repayment, with interest and redemption premiums, if any, of any monies borrowed by it or advanced to it for any of its authorized purposes and as security for the payment of amounts due and owing by it under any contract. (Added 1979, No. 78, § 3.)